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r <br /> • <br /> Section 5: A. The sum of $4,000,000 is hereby appropriated <br /> to Fund No. 337, "Design and Construction <br /> of Water System Improvements" as follows: <br /> 1. Program 754- Reline Mains $650,000 <br /> 2. Program 755-Water Project IWZ (1980) 560,000 <br /> 3. Program 756-Water Project 1W2 (1980) 560,000 <br /> 4. Program 757-Water Project 2W3 (1981) 560,000 <br /> 5. Program 758-Water Project 2W4 (1981) 560,000 <br /> 6. Program 759-Water Project 3W5 (1982) 560,000 <br /> 7. Program 760-Water Project 3W6 (1982) 550,000 <br /> Total $4,000,000 <br /> Actual funds expended on each of the projects listed above <br /> may vary from the amounts indicated. Funds will be adjuste. <br /> within the above designated programs to remain within the <br /> total $4,000,000 budgeted amount. <br /> B. Source of Funds <br /> 1. From the sale of Revenue Bonds and interest earned <br /> on invested funds during construction $3,500,000. <br /> 2. Unallocated funds from Fund 410 (Water) $500,000 <br /> TOTAL $4,000,000 <br /> Section 6: The City Treasurer of the City of Everett shall invest <br /> the proceeds from the sale of Revenue Bonds until needed <br /> for construction. The interest earned shall be deposited <br /> in this fund and expended for this project. <br /> Section 7: The City Treasurer of the City of Everett is <br /> hereby authorized to negotiate a reasonable <br /> rate of interest and issue interest bearing <br /> Revenue Warrants to satisfy interim construction <br /> costs not to exceed $3,500,000. These interest <br /> bearing warrants shall be redeemed by the Treasurer <br /> as soon as reimbursement or long term bond <br /> financing monies, as described elsewhere in <br /> this Ordinance, are received. <br /> Section 8: This appropriation shall not lapse but shall <br /> be carried forward from year-to-year until <br /> fully expended or the purpose has been accomplished <br /> or abandoned without the necessity of reappropriation <br /> as per R.C.W. 35.33.151. <br /> CITY OF EVERETT <br /> ,; <br /> � t` , Mayor <br /> ATTEST: Zt t%�/i`1 t`7�`L{',.{,'. <br /> City Clerk <br /> Passed: / / -1"/ <br /> Valid: // - i - -7 q <br /> Published: 11 . 6- 7 <br />